Key information
- Turkish authorities are taking steps to combat counterfeiting of US dollars.
- Banks have temporarily stopped accepting certain denominations of US dollars suspected of being counterfeit.
- The central bank and judicial authorities are working together to tackle the problem.
Turkish authorities are taking steps to stop the spread of counterfeit US dollars. This has led some banks to temporarily stop accepting certain notes. The central bank is working with judicial authorities to tackle the problem. After analyzing the counterfeit notes, it provided a report and advice to financial institutions. Although the total amount of counterfeit currency in circulation remains unknown, multiple banking sources indicate that several exchange houses and banks are currently refusing certain denominations of U.S. dollars.
Response and prevention efforts
A source familiar with the situation assures that there is no systemic problem within the financial system. Reports suggest that $50 and $100 bills are suspected to be counterfeit and are not recognized by existing money counting machines. To address this problem, the Turkish Banking Association is working to update money counting machines and ATMs to prevent the circulation of these fake notes.
The investigation is launched
Furthermore, an investigation was opened by the Istanbul prosecutor's office, according to the NTV television channel.
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